My Forex Funds: Everything You Should Know About This Prop Firm

My Forex Funds: Everything You Should Know About this Prop Firm

My Forex Funds is one of the best prop firms we have available in 2022, but what makes my forex funds so special above other props firms? Today we will look at everything concerning my forex funds and why you should consider working with them.

My Forex Funds Review

My Forex Funds was established in July of 2020 with the purpose of becoming the most successful Prop Trading Firm in the world. Our initial account type, the quick, was an instant hit, with the first trader joining the program in the same month and receiving the first Trader Account.

In March 2021 They started the evaluation Prop Trading program and were immediately successful due to our market-leading profit splits and terms. Our company has developed tremendously since then, now employing over 120000 dealers from over 80 countries.

They currently execute over 500 yards (500 billion notional) of monthly volume and have hundreds of funded traders who have passed the evaluation phases.

In May 2021their logo was finalized, and My Forex Funds rebrands.

My Forex Funds’ bull represents the company’s bullish spirit, as well as its increasing expansion and strength. With over 2000 new users joining every day, the company is on track to sustain its bullish trend and streamline services in order to become the market’s leading Forex brokerage firm.

Later on, My Forex Funds launched a new Forex Prop Trading interface as well as full product automation for its Trader accounts. Companies’ growth and market share are boosted by automation. When purchasing a Prop Trading program, Forex Prop Traders can now acquire their Trader account instantaneously.

Today, My Forex Funds is a well-known Forex Prop Trading Company. With over 300 staff worldwide and 2000+ customers per day from around the globe, it has cemented itself as a market leader.

My Forex Funds is currently growing its business into related domains in order to provide Funded trading accounts to more people who want to profit from their expertise.

My Forex Funds Programs

MFF offers three programs for traders worldwide, in this article we are going to explain each of these programs for better understanding.

1. Rapid Program

$10,000 $20,000 50,000 100,000
Minimum Trading Days 3 times per week 3 times per week 3 times per week 3 times per week
Daily Drawdown $500 $1,000 $2,500 $5,000
Overall Drawdown $1,200 $2,40 $6,000 $12,000
Available Leverage 1:500 1:500 1:500 1:500
Refundable Registration Fee $99

 

$189

 

$399 $749

 

Monthly Fees No Monthly Fees No Monthly Fees No Monthly Fees No Monthly Fees

 

Earlier in this content we made mentioned that MFF has all the plans for any kind of trader, be it a Day Trader or a Swing Trader, but unlike other prop firms, my forex funds provide a program for Newbies who just started trading and can make money while the trade a simulated account also known as paper trading.

In the Rapid Program, you gain experience while learning how to trade, and also you can make money while learning how to trade interesting right? let’s continue because this is mind-blowing…

My Forex Funds Rapid account program is designed to reward traders for their time spent learning to trade on a trial account while also appraising the trader. The accounts range in size from $10,000 to $100,000. Bonuses are paid every two weeks or once a month.

The final purpose of My Forex Funds’ Rapid program is to get a three-month snapshot of the traders’ ability before granting them access to our live trading funds.

The benefit of the Rapid program is that you earn bonuses while being evaluated, so your time is compensated throughout the first three months, even if you are trading in a virtual setting. In the Rapid model, there is no time constraint.

Rapid Program Rules

We all know that for you to be a great and professional trader you must have certain rules you follow each day to guide you and not make you take trades that will blow up your account, you don’t want that to happen to you.

That is why  MFF provides you with Rules you need to follow, below are the rules you need to follow so you won’t get penalized

1. Trade With Pleasure

When trading, it’s critical that you feel at ease and enjoy yourself. Try not to be stressed, have a trading strategy in place, and gain without putting your own money at danger. In any trading strategy, psychological well-being is critical.

If you’re not having fun when trading, make it a point to take a day off on days when you’re not feeling well. It’s critical to have a good time and enjoy your trading.

Our program offers a set of guidelines that, if followed, can help you raise your profitability while also increasing your satisfaction. Keep the regulations in mind and have a good time.

2. Trading Frequency & Consistency

My Forex Funds want you to succeed rather than be addicted to your screen 24 hours a day, seven days a week. As a result, you must make at least one trade per day for a minimum of three days per week.

This will allow us to filter and analyze your trading skills (while you earn money) and advance serious traders to bigger possibilities.

Also, they want to remind you that you should observe risk and account management closely as you enter one trade per day on at least three days per week (see below).

This requirement will only apply to trades that have been fully executed. This isn’t to say that you have to open and close a deal. If you place a transaction and it goes through, it counts toward your daily goal of one trade.

Your account will be tagged for a violation if you do not satisfy the minimum trades per day threshold, and you will not be eligible for any future rewards.

3. 5% Daily Drawdown

You must not have a 5% drawdown based on your balance or equity on your account within a 24-hour period starting 00:00 server time.

4. Drawdown of 12% in Total

Your account’s balance or equity must not drop by more than 12% (realized/unrealized).

Consider the following scenario: If you have a $100,000 account, 12% of $100,000 equals $12,000. As a result, if your account falls below $88,000, you’ve broken the overall drawdown threshold.

5. Trade 3 times per week
A trader must make at least one trade every three days of the week. The rule of three trade days per week is what we call it. However, if you don’t think you’ll be able to do so due to personal, health, or other reasons, please email us!

We’ll make certain that this has no negative consequences for your account.

6. There are no limitations.

At any time, you can trade any instrument of any lot size you like.

7. The payout has increased!

As you go through our organization, your compensation grows as you progress from a simulated to an actual account!

8. Earn in two ways

First way to earn:

Consistency Enabled Account (CEA) – You will be paid 12 percent on a bi-weekly basis on an account that you sign up for. Your earnings will be contingent on your trading success and the absence of any violations during the trading term.

The rule of consistency (see rule #2) applies to CEA accounts.

No Consistency Account (NCA)– You will be paid 12% on a monthly basis on an account that you sign up for. NCA accounts are exempt from the consistency criterion.

The second way to earn

The second approach to make money (also known as “Funded earnings or FE)

We will match and invest up to 3.5 percent of your account size in your trading account for every dollar you earn on your simulated account (i.e. maximum of $350 allocated to Funded Account on a $10,000 account).

When you reach 10% of the account you signed up for, you will be able to access this trading account. The live account will be worth 10% of the original trading account size (all funds transferred).

If you’ve signed up for multiple tiers (we will use 10 percent of the combined tier).

Your FE account must be open for at least three months before you can begin trading. In addition, if you break any drawdown criteria, your funded account will be depleted.

9. Bonus Payout

The bonus from your accounts will be paid biweekly through one of our payment methods. Bank wire, cryptocurrencies such as bitcoin, PayPal, and wise are all alternatives for payment.

We’ll contact you two (2) days before your payment date (14 days following your first trading day) to ask which method you’d like to utilize. If you have not received a response from us, please contact billing@myforexfunds.com.

10. Profit Split

You will receive 12% of any profits made while trading on the account you sign up for. Because you will be trading on a simulated account, there will be no profit sharing. This payment is regarded as an outlay on our part in order to hire top traders to manage our funds.

If you make $5,000 on a $100,000 account with Consistency Enabled Accounts, you will be eligible for a $600 payout. This is a bi-weekly payment that does not reset after two weeks have passed.

Because the account does not reset between pay cycles in the same month, if you make another $5,000 in the next two weeks, you will be paid 12 percent of 10,000 = $1200.

To get paid in a pay period, you’ll need to make a profit per pay period (which could be as small as $1.00). You will be paid 12% of all profits made throughout that month if you have a No Consistency Account.

The profit is calculated using the lowest of the realized or unrealized equity of the account A month is divided into four weeks. At the time of enrollment, you will be provided your payout dates.

If you have a funded account, you will receive 50% of your profits in the first month.

This increases to 65 percent in the second month and 80 percent in the third month and beyond. Keep in mind that you will not be able to withdraw funds from this account because it will be supported by our company and the funds will be considered our invested capital.

11. Your registration money will be refunded.

100% Account Registration Reimburse – We will refund your registration expenses for the account with which you have a live account.

For example, if your first $10K account progressed to the live account phase, you will be repaid the $75 registration cost.

If you had to reset it in the middle, you will only be refunded the fees you paid to get your account in the first place. It will be $60 in this scenario because you spent $60 to reset your account.

12. Inactivity
Your account will be automatically compromised if it is inactive for 30 days. The account will be permanently disabled if you do not notify us of the reason for the inactivity within 10 days of the breach.

This limitation is in place to protect us from having thousands of hedged trades on accounts that have been abandoned. If you’re going to be gone for an extended period of time, please let us know and we’ll make sure your account stays active.

Read Also: Forex Funded Trader Programs That Use Tradingview

2. Accelerated Program

$2,000 $5,000 $10,00 20,000 $50,000
Daily Drawdown No Daily Drawdown Limit No Daily Drawdown Limit No Daily Drawdown Limit No Daily Drawdown Limit No Daily Drawdown Limit
Overall Drawdown 5% 5% 5% 5% 5%
Assured Funding $324,000 $405,000 $540,000 $1,080,000 $1,350,000
Available Leverage 1:50 1:50 1:50 1:50 1:50
One Time Registration Fee $99

 

$245

 

$485

 

$970

 

$2,450

 

My Forex Funds Accelerated is designed to allow our traders to begin trading on a real account right away. This program is for full-time traders who are profitable and looking to increase their cash quickly.

Professional traders can bypass the line and get directly into trading real funds with My Forex Funds’ Accelerated program, growing swiftly with our compounding rewards and reaping the perks of being a professional trader.

Accelerated Program Rules

We all know that for you to be a great and professional trader you must have certain rules you follow each day to guide you and not to make you take trades that will blow up your account, you don’t want that to happen to you.

That is why  MFF provides you with Rules you need to follow, below are the rules you need to follow so you won’t get penalized

1. Overal Drawdown

Overall, a 5% to 10% drawdown is possible. There are no restrictions on how much money you can withdraw each day.

The overall drawdown is fixed at 5% for Conventional accounts and 10% for Emphatic accounts.
If you had a $50,000 standard accelerated account, for example, 5% of $50,000 equals $2,500.

If your account’s balance/equity falls below $47,500, you’ve broken the total drawdown guideline.

2. Leverage Size

Leverage of up to 1:100 For Forex and metals like gold, your leverage will be adjusted to 1:100 on Emphatic and 1:50 on Conventional.

On CFDs, both accounts will have a 1:50 leverage. Maximize your gains whilst controlling your risk and reap the rewards.

3. Targets and Scale-Up Program

My Forex Funds’ unique and original scale-up program assures that a trader can trade up to 970K to 2MM without worrying about lot size or news trading constraints, as well as having an incredible scale-up plan with industry-leading drawdown criteria.

Each phase will begin with a base amount for which a trader must register. Following that, a trader’s account will be scaled up by 2x or 1.5x, depending on the phase, for each milestone of earning 10% profit, or 20% for emphatic. The scale-up program is detailed below.

Until the trader’s account reaches the maximum allocated trade account size, 2x to 1.5 will happen in an alternate way. Only once per five days may an Accelerated account be scaled up.

4. Restrictions

Over the weekend, a trader must close all of his or her positions.

This is done to protect and preserve capital, eliminate liquidity risk, and prevent larger-than-allowable drawdowns. Traders that leave a trade open over the weekend will be removed from the program automatically.

When it comes to lot sizes, trading during important news events, or holding overnight, there are no restrictions.

5. Instruments

We are always on the lookout for the greatest items and terms for our traders. You can already trade FOREX, Crypto, CFDs, including index CFDs, and commodities such as oil and metals.

The product list may be modified from time to time depending on margin availability, leverage, liquidity, and other considerations.

Wherever feasible, we adapt our goods to maximize the profitability of our traders. We may remove a product if no users are currently passing the assessment phases as a result of that product.

6. Expert advisors and the use of robots

We only allow professional advisers to copy for educational purposes.

Otherwise, any EA/Robots utilized on the account will result in a contract breach and account closure.

Regrettably, this is required to avoid changes to the liquidity pool and unanticipated changes in spreads, margins, and other factors.

In the near future, we intend to offer an automatic trading option. Those are free to utilize a trade copier to replicate their own deals; however, users who copy someone else’s trades will be regarded in violation of their account.

My Forex Funds: Everything You Should Know About this Prop Firm

7. Types of accounts, information, and housekeeping

Within 1-2 hours of completing your program registration, you will receive your login information. Until we verify your KYC documents, the account will be read-only.

You are not permitted to make any changes to this account’s information under any circumstances. This is a breach, and your account will be suspended as a result.

Individual traders are needed at My Forex Funds to help us expand over time. We want YOU to be the trader, therefore that’s what this means. It’s fine to learn from other specialists, but signal bots and trade copiers from other traders will not be tolerated.

We will suspend someone’s account if we discover them using these services.

We can tell this is happening because of the account’s magic number. If you have submitted your expert adviser or bot for previous approval and it has been granted, this rule may not apply. We keep a close eye on all accounts to ensure that the rules are being obeyed.

Verification@myforexfunds.com must receive your relevant KYC documents as well as your Independent Contractor agreement.

Proof of ID is required as part of the KYC process.

Any official government-issued identification, such as the following, can be sent:

  A valid driver’s license

➣  A valid birth certificate – A valid passport

  Proof of residence:

Any official document with your name and address, such as the following, can be sent:

  Bank statement

  Utility bill

  Phone bill

  Tax paperwork

8. Refunds

There will be no refunds once a trade has begun. We can, however, reimburse your registration expenses if you have just registered and the account has not been traded on.

9. Losses

My Forex Funds shall not be held liable for any trading losses. However, we recommend that you use good risk management techniques and follow a trading plan to increase your chances of not losing money, allowing you to continue in the game for the long haul and make as much money as possible.

10. Inactivity
Your account will be automatically compromised if it is inactive for 30 days. The account will be permanently disabled if you do not notify us of the reason for the inactivity within 10 days of the breach.

This limitation is in place to protect us from having thousands of hedged trades on accounts that have been abandoned.

If you’re going to be gone for an extended period of time, please let us know and we’ll make sure your account stays active.

Read Also: Novatech Forex: Everything You Should Know About This Platform

3. Evaluation Program

This program is the cheapest and traders worldwide tend to put their focus on this one.

FOREX traders can use our Forex Funded Account Evaluation program to demonstrate their abilities.

Semi-professional traders in need of funds to advance their careers have the opportunity to demonstrate their abilities and achieve their objectives by joining our FOREX Prop Firm and becoming a funded trader in a rapid, two-phase process.

A potential Funded trader can demonstrate their FOREX, CFD, or commodities trading expertise through a two-step examination program.

Evaluation trading account sizes, like our fast trading accounts, range from $10,000 to $200,000. Profit-split distributions are made once a month for the first month, then bi-weekly after that.

A trader can have up to 600,000 in capital in their evaluation accounts, but only 300,000 in their trading accounts.

My forex Funds seek out FOREX Prop Firm traders who demonstrate the trading skills required to be successful with a FOREX Prop Firm through the MyForexFunds evaluation trading account process.

We will reward you if you are consistent, accurate, and have adequate trading risk management skills.

Prove your worth and get your account financed in as little as ten days. Alternatively, take it slow and pass in 90 days. It’s entirely up to you!

After the first month of trading, you will be paid 75% of your profit. In the second month, you’ll be paid bi-weekly for 80% of your profit. From the third month onwards, you will receive 85 percent of your profit bi-weekly.

Profit-sharing payments are made via bank transfer, PayPal, Transferwise, or cryptocurrency.

Evaluation Program Rules

We all know that for you to be a great and professional trader you must have certain rules you follow each day to guide you and not to make you take trades that will blow up your account, you don’t want that to happen to you.
That is why MFF provides you with Rules you need to follow, below are the rules you need to follow so you won’t get penalized.

1. Take it easy. Keep an eye on risk management.
You still have plenty of time to meet your goal and progress to the next phase. Slow down and use sound risk management approaches.
On their live account, the majority of traders that pass the evaluation rapidly fail. Be one of the few, rather than one of the many.
Follow your strategy, and if you don’t meet your goal by the end of the 30-day term, contact us; you might be eligible for an extension or retake!

2. Trading Practices

To complete the examination successfully, you must have a trading plan, trading strategy, and risk management profile.

We encourage excellent trading behavior at My Forex Funds, but we don’t limit a trader’s right to trade in their own style or time.

On all accounts, we ALLOW news trading, scalping, long-term trading, short-term trading, and so on.

Although there is no limit on the number of open lots on a single account, we do urge all customers to be aware of their risk management profile.

Trading activity designed to take advantage of Metatrader’s inefficiencies. Trading tactics like as gap trading, latency arbitrage, long short arbitrage, reverse arbitrage, and opposite account trading are all prohibited by MyForexFunds.

Anyone who participates in such actions will have their trades adjusted to the executed fill price from the liquidity pool.

Account termination will be imposed if you commit several offenses.

3. Instruments

My Forex Funds are always in look out for the greatest items and terms for our traders. You can currently trade FOREX, CFDs, including index CFDs, and commodities such as oil and metals.
The product list may be modified from time to time depending on margin availability, leverage, liquidity, and other considerations.
Wherever feasible, we adapt our goods to maximize the profitability of our traders. We may remove a product if no users are currently passing the assessment phases as a result of that product.
Weekday crypto trading is permitted.

4. Profit-split
When do we get paid? is the most crucial question our traders have. After you make your first transaction in the live account, you will receive your first payout one month later. The initial payment is made monthly, and subsequent payments are made bi-weekly.

Related: Forex Strategy Builder Professional Crack Version

Evaluation Program Rules

We all know that for you to be a great and professional trader you must have certain rules you follow each day to guide you and not make you take trades that will blow up your account, you don’t want that to happen to you.

That is why MFF provides you with Rules you need to follow, below are the rules you need to follow so you won’t get penalized.
1. Take it easy. Keep an eye on risk management.
You still have plenty of time to meet your goal and progress to the next phase. Slow down and use sound risk management approaches.
On their live account, the majority of traders that pass the evaluation rapidly fail. Be one of the few, rather than one of the many.
Follow your strategy, and if you don’t meet your goal by the end of the 30-day term, contact us; you might be eligible for an extension or retake!
2. Trading Practices
To complete the examination successfully, you must have a trading plan, trading strategy, and risk management profile. We encourage excellent trading behavior at My Forex Funds, but we don’t limit a trader’s right to trade in their own style or time. On all accounts, we ALLOW news trading, scalping, long-term trading, short-term trading, and so on.
Although there is no limit on the number of open slots on a single account, we do urge all customers to be aware of their risk management profile. Trading activity is designed to take advantage of Metatrader’s inefficiencies.
Trading tactics like as gap trading, latency arbitrage, long-short arbitrage, reverse arbitrage, and opposite account trading are all prohibited by MyForexFunds. Anyone who participates in such actions will have their trades adjusted to the executed fill price from the liquidity pool.
Account termination will be imposed if you commit several offenses.
3. Instruments

My Forex Funds are always in look out for the greatest items and terms for our traders. You can currently trade FOREX, CFDs, including index CFDs, and commodities such as oil and metals.
The product list may be modified from time to time depending on margin availability, leverage, liquidity, and other considerations.

Wherever feasible, we adapt our goods to maximize the profitability of our traders.

We may remove a product if no users are currently passing the assessment phases as a result of that product. Weekday crypto trading is permitted.

4. Profit-split

When do we get paid? is the most crucial question our traders have. After you make your first transaction in the live account, you will receive your first payout one month later. The initial payment is made monthly, and subsequent payments are made bi-weekly

First 75%
Second 80%
Third 85%

You must trade for a minimum of 10 days during your first month of live trading, and your first month’s payout will be launched after one month. This minimum daily requirement is removed on the second month.

My forex funds have been around for a year and have quickly established themselves as one of the finest.

In fact, we consider it the greatest platform since they cater to all types of traders. Whether you are a day or swing trader, my forex funds offer a subscription plan to suit your trading style.

5. The rules of drawdown

On any given day, you must not have a daily drawdown of 5% of your equity OR balance in any of the My Forex Funds evaluation programs.

This is closely monitored by an automatic system, which includes open trades at the time of roll-over, and any breach is shown in your account dashboard.

Please exercise caution when trading and check your available drawdown each day at 00:00 server time.

In addition to the daily depletion, we have a total account drain of 12% for any pay period.
Your account will be deactivated if you break this rule.

If you breach your daily drawdown guidelines while in profit, you will lose money. We may award you your profit share at the time of termination if you followed acceptable risk management measures (i.e., no excessive position size, trade numbers, etc.).

If you engaged in high-risk trading and breached the daily drawdown while in profit, you will not be paid for your losses.

If your account has been suspended or canceled, you can revive it for a fee of -10% of the program cost.

6. Refunds

When they reach their first profit-split period at the conclusion of the first month on their real trading account, all traders who pass Phases 1 and 2 will receive a refund of their expenses.

7. Inactivity

Your account will be automatically compromised if it is inactive for 30 days. The account will be permanently disabled if you do not notify us of the reason for the inactivity within 10 days of the breach.

This limitation is in place to protect us from having thousands of hedged trades on accounts that have been abandoned. If you’re going to be gone for an extended period of time, please let us know and we’ll make sure your account stays active.

8. Resets

If you discover that you have broken one of the rules, you are eligible for a subsidized account reset. We recognize that mistakes sometimes occur.

We want you to be a part of our team, therefore if you break the rules, take advantage of the following discounts:

  10k – $75.60

20k – $125.10
50k – $269.10
100k – $449.10
200k – $881.10

Frequently Asked Questions

Below are the most frequently asked question about my Forex Funds

1. What is my forex fund?

My Forex Funds is a funding program that offers to trade, earn bonuses, and profit splits.


2. Is my forex Fund legit?

So, now it’s time to make a decision at to whether or not this company is worth getting forex funding from… MyForexFunds is a legitimate prop firm and frankly, one of the best in the industry.


3. What is a funded account?
Funded Accounts means all Accounts purchased or funded by the Seller pursuant to any of the Portfolio Documents, but excluding any Accounts that the Seller has charged back to a Customer pursuant to any of the Portfolio Documents.

4. How can I get funding for trading in India?
Below is an overview (and here is a document with more details).
Asset management (AMC) license or setting up a Mutual fund. …
Portfolio management (PMS) license. …
Alternate investment fund (AIF Cat 3) or Hedge fund. …
Registered investment adviser (RIA) …
Trading by using client login credentials.

5. What is a prop account?
The capital that’s traded in a prop trading account is usually that of a brokerage firm or hedge fund. Trades made through this account are typically speculative in nature. Products traded are usually derivatives or other complex investment vehicles.

6. How do you get capital in forex trading?
How to raise funds for my trading? Here are 3 ways: 1) Join a proprietary trading firm, 2) Raise from ultra-high-net-worth individuals, and 3) Raise from online investor marketplaces. You will make between 10% to 30% of your profits when starting out.


7. Do prop traders make money?

A prop day trader typically works as a contractor to a prop trading firm rather than as an employee. Prop traders are not usually paid an hourly wage or salary and do not receive benefits such as health care. They are typically only paid when they generate a profit, which can take months.

8. Is prop trading legal?
The simple part: Banks are banned from engaging in prop trading. The complex part: That ban is subject to several exemptions intended to allow banks to facilitate customer trading and hedge their own risks.

9. Do companies hire day traders?
While there are many job titles that relate to trading stock, a professional only qualifies as a day trader if they trade four times or more over five days. Another way for a professional to secure status as a day trader is if their employer officially identifies them as one.


10. What is a day trader salary?
Day Traders in America make an average salary of $118,912 per year or $57 per hour. The top 10 percent make over $195,000 per year, while the bottom 10 percent are under $72,000 per year.


Conclusion

In our Opinion, My Forex Funds is a great prop firm and they have no issues in paying you out when you reach the target set for you, choose any Model that fit your trading style and start your trading journey with My Forex Funds…
Thank you for taking your time to go through this content, we hope every piece of information here is helpful and useful please share this link below and also come to our website for more articles like this will be published.

The Heartz Team.

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